Rice Prices Rise to Another Record High

The price of rice hit a record high for a second day on the Chicago Board of Trade Wednesday.

The price of rice for future delivery hit $22.95 per hundred pounds, which is a bit more than 45 kilograms.

The surge in rice prices has been driven by rising demand and worries that there may be a shortage. These concerns have prompted some major rice exporters like China, Vietnam, Egypt, and India, to limit their exports to make sure there is sufficient food to meet domestic needs.

In a bit of good news for consumers, India's climate experts say they expect favorable weather for growing crops, including rice.

Much of India's agriculture relies on monsoon rains to water crops, and those rains are predicted to be very close to their long-term average.

Wheat and corn have also hit record high prices recently, and increasing food prices have prompted a variety of government actions.

News reports says Guinea has banned export of any kind of food, while the Philippine government has temporarily stopped conversion of agricultural land to other uses.